Exercise 14-3 GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 2017 2016 Increase (Decrease) Percentage Change from 2016 Assets Current assets $ 73,500 $ 78,200 Property, plant & equipment (net) 97,100 88,200 Intangibles Total assets Liabilities and stockholders\' Equity Current liabilities $ 41,000 $ 48,400 Long-term liabilities 140,000 150,000 Stockholders\' equity Total liabilities and stockholders\' equity Amount Percent Assets Current assets $ 73,500 Property, plant, and equipment (net) 97,100 Intangibles Total assets Liabilities and stockholders\' equity Current liabilities $ 41,000 Long-term liabilities 140,000 Stockholders\' equity Total liabilities and stockholders\' equity Exercise 14-3 The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016Assets Current assets$ 73,500$ 78,200 Property, plant, and equipment (net)97,10088,200 Intangibles27,00042,000 Total assets$ 197,600$ 208,400Liabilities and stockholders’ equity Current liabilities$ 41,000$ 48,400 Long-term liabilities140,000150,000 Stockholders’ equity16,60010,000 Total liabilities and stockholders’ equity$ 197,600$ 208,400 (a) Prepare a horizontal analysis of the balance sheet data for Gurley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%).Round percentages to 1 decimal place, e.g. 12.3%.) GURLEY CORPORATION Condensed Balance Sheets For the Year Ended December 31 For the Quarter Ended December 31 December 31 2017 2016 Increase (Decrease) Percentage Change from 2016 Assets Current assets $ 73,500 $ 78,200$ % Property, plant & equipment (net) 97,100 88,200 % Intangibles27,00042,000 % Total assets$ 197,600$ 208,400$ % Liabilities and stockholders\' Equity Current liabilities $ 41,000 $ 48,400$ % Long-term liabilities 140,000 150,000 % Stockholders\' equity16,60010,000 % Total liabilities and stockholders\' equity$ 197,600$ 208,400$ % (b) Prepare a vertical analysis of the balance sheet data for Gurley Corporation in columnar form for 2017. (Round percentages to 1 decimal place, e.g. 12.3%.) GURLEY CORPORATION Condensed Balance Sheet For the Quarter Ended December 31, 2017 December 31, 2017 For the Year Ended December 31, 2017 Amount Percent Assets Current assets $ 73,500 % Property, plant, and equipment (net) 97,100 % Intangibles27,000 % Total assets$ 197,600 % Liabilities and stockholders\' equity Current liabilities $ 41,000 % Long-term liabilities 140,000 % Stockholders\' equity16,600 % Total liabilities and stockholders\' equity$ 197,600 % Solution GURLEY CORPORATION Condensed Balance Sheets December 31 2017 2016 Increase (Decrease) % change Assets: Current assets 73500 78200 -4700 -6.0% Property, plant & equipment (net) 97100 88200 8900 10.1% Intangibles 27000 42000 -15000 -35.7% Total assets 197600 208400 -10800 -5.2% Lia.